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Wednesday, 28 June 17
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
 From the beginning of the year until now SnP activity has changed significantly. To put things into perspective, after a fast and furious q1 on the dry bulk side, which counted 219 bulk carriers transactions, a rather sluggish q2 followed with 130 transactions, translating to a 41% decrease. Currently, as we are approaching the end of June, we can say that buyers and investors have switched more into a reflection mode, contemplating whether and when they should buy or sell again. Some are looking to flip ships they bought cheaper and others wait for second-hand prices to keep pointing downwards and move to more attractive levels.
In the meantime, the one factor that appears rather consistent between the first and the second quarter of the year is the hire market. Indeed, with the exception of Capesize rates that are today 58% down compared to year highs, averages earnings for all other sizes are more or less faring around 2017 average levels. Capesize market aside, there is comfort in this consistency as it also evidences stability and of course stronger resistance formed by owners. Saying that I believe that this consistency was somewhat already priced in Buyers’ expectations during the past months and it can’t provide additional steam to asset prices at this stage.
The fact that ships are not operating anymore at sub-OPEX levels as they did during the better part of 2016, is indeed encouraging for a lot of owners who contemplate buying, but the decisive factor is purely the overall picture that the fleet has. Regulations, not excessive order books and lack of financing, are all factors highly anticipated to start having an impact on the supply and demand equilibrium between cargoes and vessels.
Currently, there is still overall decent movement on the SnP side. Buyers are inspecting and offering but there is a lot of restrain as far the levels at which respective vessels should be attained and how aggressively this marketed tonnage should be pursued at and in a way it makes sense that this sort of discipline is demonstrated.
Second-hand prices only rose earlier this year because perspective buyers were willing to offer and compete on tonnage. Now there is no such desire, at least not to the extent that there was before. Until the hire market moves up to levels that have not been reached during the past 6 years, Buyers will continue being the ones that dictate prices and with the exception of mid-spring, this trend has been very clear during the year so far.
Sellers have made a few attempts to push prices higher especially on larger vessels. It started on the Kamsarmax / Panamax size where the price of a 5-year-old flirted with levels of the respective newbuilding. The moment a non-eco Kamsarmax deal was close to the prices of a 2018 slot, buyers started to hold back with military discipline. During the same period, Capesize asset prices on reported deals, although still far from newbuilding price levels, also inspired Sellers to ask for more but Buyers held back in this instance as well.
We can list concluded deals and recent sales as well as failed sales and ships that are not sold for months, but the bottom line stays the same. This is and will remain for the better part of the remaining years of this decade purely a Buyers’ market, at least on the Dry Bulk side. This is not necessarily bad of course. After all, in a market that the hires are not super healthy, it’s good to know that there is still some control in the hands of the owners.
By Timos Papadimitriou
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 28 April 17
DELTA DUNIA RECORDED $24 MILLION NET PROFIT FOR FIRST QUARTER OF 2017; UP 700% Y/Y
COALspot.com: PT Delta Dunia Makmur Tbk. has announced its financial results for the first quarter of 2017 yesterday. According to the ...
Thursday, 27 April 17
PACIFIC IS SOFTENING WITH MORE TONNAGE OPENING AND LESS COAL ORDERS AROUND - FEARNLEYS
Supramax
Relatively slow week, with both basins showing signs of cooling down. Although grain cargoes out ECSA and ECCA on Ultras still delivered ...
Wednesday, 26 April 17
IRON ORE PRICES HAVE BEEN ON A ROLLERCOASTER RIDE OVER THE LAST MONTH - CHRISTOPHER WHITTY
Iron ore prices have been on a rollercoaster ride over the last month. Prices started the year on a very positive note, surging up to their highest ...
Tuesday, 25 April 17
FIONA POUNDS: VALID TENDER OF NOTICE OF READINESS
KNOWLEDGE TO ELEVATE
In the recent English High Court case of MV Arundel Castle1, the Judge ruled that a vessel, that could not immediately pr ...
Tuesday, 25 April 17
SHIPPING MARKET - ALLIED
Over the weekend we witnessed a second win over the rising populism that has become present in global politics since last summer, Allied shipping s ...
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- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Siam City Cement PLC, Thailand
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